Riyadh – Mubasher: SEDCO Development has announced concluding an agreement with SEDCO Holding Group and Methak Holding Company to begin developing Al-Rawdah Complex in Jeddah, Saudi Arabia, Reuters reported.
The project features a large number of commercial, residential and recreational units.
The deal was signed by SEDCO Development CEO Zuhair Hamzah, SEDCO Holding Group CEO Anees Ahmed Moumina, and Methak Holding CEO Khaled Gama.
“The launch of Al-Rawdah Complex project aims to contribute to the real estate industry and the development of the overall economy,” Hamzah told Reuters.
He added that the project was a step in the Saudi Vision 2030, which aims to improve the Saudi economy as a whole.
“This project will emphasise on various investments’ aspects towards achieving further milestone within the industry,” SEDCO Development’s CEO added.
Spanning an area of 70,000 square metres, the new development will comprise a multipurpose complex featuring a shopping mall, residential and commercial towers as well as a hotel, Hamzah revealed.
He added that the first stage of the project will be launched with 26,000 square metres “dedicated to the commercial centre”, with a number of showrooms spread over its two floors.
“It is expected [that the new complex will] be a valuable addition to the Saudi real estate market,” Hamzah added.
